"Today: - 'Open Trading' therefore the last 44 point range needs to complete, and because it's coming down from the spiral top, the bias is to complete @ 5049....

Pink filter @ 5072, the bias is to move into 5049.

Need to keep in mind that price could also be trying to move back into the 5-day 50% level:- 5010.

Therefore:- if price has moved down into 5049 and swings up 20-23 points, then the filters could push price down towards 5010.

Below 5010 price is coming down to re-test the Weekly 50% level and 5-day 50% level from yesterday @ 4960..

As you can see I'm not having too much faith in another UP day"

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SPI Daily and 5-day pattern

Today went pretty much to script. The high was 4973, which aligned with the spiral filter push down from 4972 and down into the 5-day 50% levels...

The only bad part of today's trading was that, there wasn't as much intra-day rotation occuring, so if you got out of the daily trend on profits, it was hard to get back into the trend on each 44 point range completion.

"In the Weekly report my expectation were that US markets would come back and re-test the September 50% levels and then continue down in the 3rd week after expiry.

"Today US futures gaped UP 200 points, and they are now at the Monthly 50% levels, much quicker than expected. There is major resistance based on the monthly 50% levels but it's a bit early to be continuing down.

As a Trader I would have to define the market either side of those Monthly 50% levels, as shown in the Weekly charts, and then the support levels within the 5-day pattern."

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.......................... S&P Weekly and 5-day pattern

Both the S&P and DOW pushed lower from their September 50% levels on Monday and down into support, attracting buyers off the lows....

Now it's a waiting game to see which levels break :- breaks Support on Tuesday verifies September 50% levels as resistance...

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